Global Third-Party Banking Software Market Report 2022: Rapid Development of BFSI Industry Drives Growth

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Global third-party banking software market

Global third-party banking software market

Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) — The “Third-Party Banking Software Market Size, Share and Trend Analysis Report by Product Type, by Deployment (On-Premise, Cloud), by Application, by End Use (Retail Banks, Commercial Banks), by Region, and Segment Forecasts, 2022-2030” has been added to the report from ResearchAndMarkets.com offer.

The global third-party banking software market size is expected to reach USD 47.90 billion by 2030, growing at a CAGR of 7.9% from 2022 to 2030, according to this study. The growing prevalence of online banking solutions worldwide to enhance customer experience is expected to drive the expansion of the industry. Additionally, the rapid shift from legacy paper-based methods to digitized and advanced methods of process standardization also acts as fuel for growth.

Strategic partnerships and acquisitions by leading market players to overcome ecosystem issues, such as reducing overall risk and improving product offerings, are expected to accentuate growth.

For example, in June 2022, Kamakura Corporation, located in the United States, was purchased by SAS Institute, Inc., a global leader in artificial intelligence (AI) and analytics. Kamakura Corporation offers specialized software, information and advice to help financial businesses at all levels. The acquisition was an extension of significant investments already made in SAS Institute, Inc.’s integrated solutions and cloud-ready risk management platform.

Moreover, the rapid development of the banking, financial services and insurance (BFSI) sector is expected to increase the need for third-party banking software. For example, in June 2022, the Bank of England granted a full banking license to Kroo, a UK-based digital bank. This license allowed Kroo to offer its customers overdraft, savings and credit products in addition to existing services.

The outbreak of the COVID-19 pandemic is expected to play a vital role in the growth of the third-party banking software market over the forecast period. In the wake of the pandemic, the growing awareness of online banking and its applications is expected to create opportunities for the market. In this light, the snowball effect of digital payment platforms is expected to increase the demand for third-party banking software, thereby fueling the growth of the market.

Third-Party Banking Software Market Report Highlights

  • The wealth management software segment is expected to witness the fastest growth over the forecast period. Growing awareness of managing finances and creating wealth among Millennials and Genz is one of the key attributes of growth
  • The cloud segment is expected to witness the fastest growth during the forecast period. The growth is attributable to several advantages offered by the cloud, such as reduced infrastructure costs and improved flexibility
  • The risk management segment dominated the market in 2021. This dominance is attributable to the fact that banks and financial institutions are constantly looking for ways to mitigate losses and increase profitability
  • The commercial banking segment is expected to grow at the fastest rate. The implementation of strict regulatory compliance by commercial banks to safeguard consumer interest is expected to increase the need for deployment of more secure third-party banking software
  • North America dominated the market over the forecast period. This growth is attributed to the presence of some of the biggest players in the region such as International Business Machines Corporation and Microsoft Corporation

Main topics covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Third Party Banking Software Industry Outlook

Chapter 4 Investment Landscape Analysis

Chapter 5 FinTech Industry Highlights

Chapter 6 Outlook of Third Party Banking Software Product Type

Chapter 7 Third Party Banking Software Deployment Outlook

Chapter 8 Third Party Banking Software Application Outlook

Chapter 9 End-Use Outlook of Third-Party Banking Software

Chapter 10 Third Party Banking Software Regional Outlook

Chapter 11 Competitive Analysis

Chapter 12 Competitive Landscape

Companies cited

  • Microsoft Corporation
  • International Business Machines (IBM) Corporation
  • Oracle Corporation
  • SAP SE
  • Tata Consulting Services (TCS)
  • infosys ltd.
  • Capgemini SE
  • Accenture plc
  • FIS, Inc.
  • Fiserv, Inc.

For more information on this report visit https://www.researchandmarkets.com/r/x5rxg6

  • Global third-party banking software market

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